U.S. inflation will likely rebound as pressure from the dollar fades, allowing the Fed to hike rates slowly, Vice Chairman Stanley Fischer said.» Read More
The dollar dropped to a 3-month low Thursday, as investors spooked by growing problems in credit markets fled risky assets financed by borrowing in the low-yielding Japanese currency.
Oil prices jumped on Wednesday after U.S. government data showed a draw in crude inventories as refiners' utilization increased.
The dollar jumped broadly Wednesday in a technical rebound from record lows against the euro, shrugging off fresh signs of deterioration in the U.S. housing sector.
Inflation in Australia jumped past all expectations last quarter as the cost of petrol, food and health care climbed, greatly adding to the risks of a rise in interest rates as early as August.
The dollar fell to a 15-year low against a basket of major currencies and a record low against the euro Tuesday, hurt by the potential for credit woes and housing market weakness to weigh on the U.S. economy.
Oil rose Tuesday afternoon to well over $73 per barrel -- after sinking more than $1 below $73 a barrel earlier in the day. The slide was attributed to further assurances from OPEC that it would pump more crude if needed, as well as expectations of higher U.S. fuel stockpiles.
The dollar edged higher against the euro Monday, recovering from a record low, as dealers awaited economic data later in the week to see if U.S. credit market turmoil has spread to other sectors.
Oil fell below the $75-per-barrel mark on Monday, as some funds booked profits after OPEC expressed concern over near-record prices -- and pledged to pump more crude if needed.
After a first quarter swoon, business is more upbeat about the current quarter and the rest of the year--especially when it comes to hiring, profits and productivity, the latest survey by the National Association for Business Economics shows.
Many lawmakers, along with advocates for low-wage workers, are celebrating the first increase in the federal minimum wage in a decade. Yet many acknowledge that raising it from $5.15 an hour to $5.85 will provide only meager help for some of the lowest paid workers.
The dollar fell to a record low against the euro Friday and was on track for its sixth straight weekly decline, weighed down by fears that losses in risky mortgage debt would hurt consumers and slow U.S. growth.
Investors picked up where they left off a week ago, as stock prices hurtled to new highs with the Dow Industrials setting another milestone, but a Friday selloff kind of spoiled the mood.
Federal Reserve decision-makers signaled Thursday that downside risks to U.S. economic growth had diminished in June compared with May, suggesting a housing market downturn would not prompt near-term interest rate cuts.
The dollar traded near record lows versus the euro Thursday over renewed concern about the health of the U.S. housing market and as investors pondered the Federal Reserve's next interest rate move.
China's annual economic growth surged to 11.9% in the second quarter, easily beating market forecasts, as strong investment and a record trade surplus buoyed the world's fastest-growing major economy.
The Federal Reserve's latest projections for core inflation signal the U.S. central bank hasyet to be convinced inflation is easing, suggesting monetary policy will stay on hold until it sees more compelling data.
U.S. consumer prices rose by a slightly bigger-than-expected 0.2% in June on higher food costs and they were up by the same amount after stripping out volatile food and energy prices, the Labor Department reported on Wednesday.
The dollar slipped Wednesday after Federal Reserve Chairman Ben Bernanke said housing sector woes would likely get worse, touching the nerves of dealers still reeling from the subprime crisis.
Speculation is swirling that data on Thursday could show a spike in June inflation that would increase the chances of a fresh round of policy tightening, according to economists and market participants.
The dollar rose versus the yen for the first time in three sessions after a government report showed foreign investors bought a record amount of U.S. securities in May.